Recent developments in financial markets have led to a significant increase in the availability and interest in Environmental, Social, and Governance (ESG) futures products.
CONTINUE READINGLast December, the SEC adopted final rules that will require most market participants to clear repos they enter into on US Treasury securities as well as certain cash purchases and sales of Treasury securities.
CONTINUE READINGWorldwide volume of exchange-traded derivatives reached 16.28 billion contracts in February, the second highest level ever recorded. This was down 2.7% from the record month of January 2024 but up 92.4% from February 2023.
CONTINUE READINGFIA EPTA welcomes the FCA’s proposals on improving bonds and derivatives transparency. Our members are very supportive of both the ambition and simplicity shown regarding both pre-trade and post-trade transparency. A less complex regime will be easier for firms and trading venues to comply with and administer and above all will make UK capital markets more attractive. The inclusion of sovereign bonds in this ambitious framework is a particularly innovative step and will support the growth and competitiveness of UK capital markets with tangible benefits to the real economy.
CONTINUE READINGSullivan & Cromwell’s Commodities, Futures and Derivatives team will discuss recent CFTC and SEC enforcement actions involving MNPI-related violations and their implications for physical commodities and derivatives markets and market participants.
CONTINUE READINGFIA EPTA members welcome the opportunity to respond to IOSCO’s consultation on market outages and are supportive of the work being done on this topic, particularly efforts to require trading venues to publish clear comprehensive outages plans on an ex-ante basis. Market resilience is at the core of efficient and competitive financial markets and it is imperative that trading venues clearly outline a well-planned approach to communication and management in the event of a market outage to provide certainty to market participants.
CONTINUE READINGFIA EPTA members are supportive of effective measures to improve settlement discipline and efficiency in Europe, particularly in light of discussions concerning shortening settlement cycles. However, we urge ESMA to further consider their proposals put forward in the Consultation Paper on Technical Advice on the CSDR Penalty Mechanism, particularly regarding application of progressive penalty rates.
CONTINUE READINGWorldwide volume of exchange-traded derivatives reached 16.79 billion contracts in January, the highest level ever recorded. This was up 10.7% from December 2023 and up 97.2% from January 2023.
CONTINUE READINGFrom more aggressive use of “cooperation factors” to extensive undertakings that impose monitors or require the use of external consultants, financial regulators have changed how they pursue and how they ultimately conclude their enforcement matters.
CONTINUE READINGFIA EPTA’s members support the FCA’s objectives of promoting market integrity and resilience and preventing disorderly trading and settlement in the commodity markets and our members generally welcome the proposals included in the consultation. We restrict our comments, therefore, to a limited number of issues, as set out in our response.
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